OTHER NEWS - Dec. 18, 1992

Cypress Semiconductor to Restructure, Lay Off 400: Cypress Semiconductor Corp. announced a major restructuring that will shut down its Silicon Valley wafer production and lay off 400 workers--24% of its work force--by April. Cypress also said it would shift its labor-intensive semiconductor packaging and testing operations to its plant in Thailand and expand wafer production in Minnesota. By April, the company will have about 1,240 employees, down from its fourth quarter 1991 peak of 1,945, the company said. All of the layoffs will be in San Jose, the company said, but it will retain its research and development operations at its San Jose facility. Its 1991 earnings were $34.2 million on revenue of $286.8 million. The company reported a its first-ever loss in the quarter ending last June of $1.7 million on revenue of $65.8 million.